INV Metals Reports Q3/2013 Results and Provides Update on Loma Larga
TORONTO, ON – NOVEMBER 13, 2013 – INV Metals (“INV Metals” or “Company”) (TSX:INV) reports its financial results for the three and nine month periods ended September 30, 2013 and provides an update on its 100 percent owned Loma Larga (formerly Quimsacocha) gold property (“Loma Larga” or “Project”), located in Ecuador.
The Company recorded a total loss of $232,074 or $0.00 per share for the three month period ended September 30, 2013, compared with a total loss of $1,501,222 or $0.02 per share for the corresponding period ended September 30, 2012. The Company’s unaudited cash balance as at September 30, 2013 was approximately $20.6 million, compared to $25.3 million at December 31, 2012. The decrease in the Company’s treasury was mainly as a result of exploration at Loma Larga, which was completed in July. For additional financial information please see INV Metals’ unaudited condensed interim consolidated financial statements and MD&A filed on SEDAR at www.sedar.com and on the Company’s website at www.invmetals.com.
Loma Larga Update
The metallurgical test work on the Loma Larga deposit is on-going to evaluate various processing methods to optimize gold recoveries and to determine the most effective cut-off grade to produce a saleable concentrate. As previously stated, if the metallurgical test results are positive and reasonable regulations are released pertaining to medium sized mines, the Company plans to complete a Preliminary Economic Assessment (“PEA”).
The completion of a positive PEA will allow the Company to conclude its dialogue with the Ecuador government on the classification of the Project as a medium sized mine. The Company plans to obtain approval for the Project to qualify under the medium sized mining category prior to continuing significant expenditures on the Project and has scaled back expenditures in Ecuador until such time that the Government releases the regulations and the economics of the Project can be evaluated.
About INVTM Metals
INVTM Metals is an international mineral resource company focused on the acquisition, exploration and development of base and precious metal projects in Ecuador, Namibia, and Brazil. Currently, INVTM Metals’ primary assets are: (1) its 100% interest in the Loma Larga (formerly Quimsacocha) gold property in Ecuador, (2) its 35% interest in the Kaoko property, located in Namibia and (3) its 50% interest in the Rio Novo southern claims, located in Brazil.
This press release contains certain forward-looking statements. Forward looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievement of INV Metals to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, among others, risks related to the actual results of current exploration activities, conclusions of economic evaluations, risks associated with mining and mineral exploration activities, uncertainty in the estimation of mineral resources, including, without limitation, the assumptions on which such estimates are based, changes in project parameters as plans continue to be refined, uncertainty surrounding metallurgical test results, future prices of metals, economic and political stability in Ecuador, Canada, Namibia and Brazil, the results of discussions with the Ecuador government, environmental risks and hazards, increased infrastructure and/or operating costs, availability of future financing, labour and employment matters, and government regulation. There is no guarantee that any drill targets or economic mineral deposits will be found on INV Metals’ properties. For a more detailed discussion of such risks and other factors, refer to INV Metals’ annual information form filed with Canadian securities regulators available on www.sedar.com.